On Tuesday, pet-supplies superstore PetSmartannounced its plans for an upcoming management reshuffle. Following the firm's scheduled annual shareholders meeting, on June 14, current company President and COO David K. Lenhardt will be promoted to CEO and simultaneously join the board of directors. At that time, current Chairman and CEO Bob Moran will vacate the CEO's chair and become executive chairman.
Soon-to-be-CEO Lenhardt is a 12-year veteran of PetSmart, having joined the company in October 2000 as senior VP for services, strategic planning, and business development. Since January 2012, he has served as COO -- the same position Moran occupied before being promoted to CEO himself.
In other news, PetSmart said Executive Vice President Joseph O'Leary will be named president and COO -- also on June 14. Like Lenhardt before him, one of O'Leary's previous areas of responsibility has been "strategic planning."
Thus, it appears the company has established a pretty clear career track from its upper management ranks to its very highest level. As Moran explained in a statement: "During the last several years, we have focused on and invested in strategic succession planning, and as a result, we've assembled what I believe is one of the best leadership teams in retail."
PetSmart shares closed 0.5% ahead of these announcements on Tuesday, at $69.02.
The article PetSmart Picks a New CEO originally appeared on Fool.com.
Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool recommends PetSmart. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.